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$500,000 Office Building to Be Erected in Tel Aviv by U.S. Manufacturer and P.e.c.

Joseph Levy, philanthropist and one of the leading clothing manufacturers in the United States, and the Palestine Economic Corporation, have formed a partnership to construct and manage the first U.S.-sponsored office building in Tel Aviv, it was announced here today.

A member of the board of directors of the P.E.C., and long active in the United Jewish Appeal and other Jewish philanthropies, Mr. Levy will retain a 75 percent interest in the building, which will cost approximately $500,000 to construct. The P.E.C, will invest the remaining 25 percent in the project. Mr. Levy is scheduled to fly to Israel on Tuesday.